The Philippine economy continued to rank among the fastest-growing in Asia, with a 5.2-percent growth rate in the third quarter of 2024, according to National Economic and Development Authority (NEDA) Secretary Arsenio Balisacan.
This growth places the Philippines behind Vietnam, which leads with a 7.4-percent Gross Domestic Product (GDP) increase, and Malaysia at 5.3 percent, Balisacan noted during a press briefing on Thursday.
The Philippines outpaced other regional economies, including Indonesia at 4.95 percent, China at 4.6 percent, and Singapore at 4.1 percent.
The latest GDP figure reflects steady expansion for the Philippine economy, following growth rates of 5.8 percent in the first quarter and 6.4 percent in the second quarter of 2024.
The Philippine Statistics Authority (PSA) attributed the third-quarter growth to robust performances in the Industry and Services sectors, which saw annual growth rates of 5.0 percent and 6.3 percent, respectively. The Services sector, in particular, drove GDP growth with a 4.1-percent contribution, while the Industry sector added 1.3 percent despite being impacted by recent calamities.
However, the Agriculture, Forestry, and Fishing (AFF) sector recorded a year-on-year decline of 2.8 percent, contributing -0.2 percent to overall growth.
Key drivers of economic growth included wholesale and retail trade, with a 5.2-percent increase; financial and insurance activities, up by 8.8 percent; and construction, which surged by 9.0 percent, according to the PSA report.
